Wilder & Divestment

Two cautions have been raised about Gov. L. Douglas Wilder's directive that state agencies, colleges and universities divest themselves of investments in firms that do business with South Africa.

The first concern - that the state not lose money as it implements what is a worthwhile, commendable policy - is a reasonable worry. Virginia's boards and agencies have as much as $1 billion invested in companies that do business with South Africa.

By far the largest chunk of that money is in the Virginia Supplemental Retirement System, which has between $400 million and $700 million in stock that is linked to South Africa. No one, Wilder included, wants to see the state take a big loss on stock sales. That is why the governor has stressed that divestment will be carried out over time, in a fiscally responsible manner.

The other concern that has been raised is that Wilder's move comes at a time when South Africa has made major changes - the recent release of Nelson Mandela, the easing of many restrictions against blacks, to name just two. While those are changes to be lauded, the point nonetheless remains that South African blacks still have no voice in their government. They cannot vote. As long as that remains true, no other changes are enough.

The governor wants Virginia to send that message to the racially segregated country. It is a message that already has been sent by 26 other states as they divest themselves of ties to South Africa. That message has been sent, too, by the city of Newport News, which some time ago passed an ordinance barring such investment. Wilder is right to want the policy to cover the entire Old

Dominion.

Economic pressure and isolation are valuable tools to the extent that they may be the only strategies short of bloodshed that can force freedom in this white-ruled country. But Virginia's move to cleanse itself of links to South Africa also is symbolic of support for human rights.

As the governor said Saturday at Norfolk State University's commencement, "If we are to participate in the extension to all people freedoms and liberties which we hold dear, we must take concrete actions which reflect our support."